n a competitive market where customer choice is abundant, competing on price is unlikely to be a long term viable strategy. Retailers need to create a customer centric organisation that focuses on how they acquire new customers, retain profitable customers and maximise customer lifetime value.
How to Optimise Customer Relationships:
- Data Management
To achieve customer centricity, you need customer data. With disparate data you will be unable to achieve a single view of the customer. By consolidating, deduping and enriching the data, you can provide real business value.
- Customer Insight
From data you have the ability to derive insight. From this you can predict customer needs, identify cross sell opportunities, launch new services and offers to the right audience and deliver an exceptional customer service. With real time insight at every interaction, you can ensure customer relevancy. Through advanced analytics, you can predict customers that you can save rather than those that will leave.
- Customer Communications
Being able to deliver the right message at the right time in the right way will set you aside from your competitors. Today's customer has access to more communication channels than ever before, so ensuring you know their preferred channel has never been more important. It can be the difference between a lost customer and another sale.
Every interaction is an opportunity to establish new relationships or strengthen current ones. Retailers retain a wealth of data about their customers; the challenge is turning this into actionable insight to deliver unrivalled customer experiences. Engaging and communicating with customers as if they are the only one will result in increased loyalty and, in turn, profitability.